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January 25, 2022

Pen Underwriting signs £300m capacity deal with QBE

UK-based Pen Underwriting has formed two long-term capacity partnerships with QBE that cover public authority and higher education risks along with hazardous goods, environmental industries, and tanker transportation.

The combined agreements will see QBE support Pen by offering capacity for approximately £300m in premium over the next three years for the latter’s RMP business in the UK.

RMP develops and delivers risk management and insurance programmes in partnership with brokers and their clients across local government, police, fire and education to lower the cost of risk.

Coverage for the hazardous, environmental and bulk liquid industries are designed to fit the needs of specialist segments. 

The insurance coverage comes with risk management expertise, access to technical underwriters, crisis management with media and legal response as well as loss mitigation services, including emergency spill response.

Pen’s latest partnership builds on strategic partnerships of consistent capacity provision that date back ten and 20 years, respectively.

RMP CEO Nick Colyer said: “Our role is to use our decades of data and specialist market expertise to take the pain away for QBE and ensure our portfolio continues to perform strongly and profitably in the face of significant and evolving exposures, unique risks and complex procurement.”

QBE Europe executive director-UK Matthew Lacy said: “Our partnership is built on the solid foundations of collaboration and transparency, to bring all stakeholders much valued continuity and stability, and we look forward to evolving these facilities further to the benefit of our customers.”

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This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.

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